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SA 240 The auditors responsibility relating to fraud in an audit of financial statements
A. Scope:
- This Standard on Auditing (SA) deals with the auditor’s responsibilities relating to fraud in an audit of financial statements.
- Specifically, it expands on how SA 315, “Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment,” and SA 330, “The Auditor’s Responses to Assessed Risks,” are to be applied in relation to risks of material misstatement due to fraud.
B. Effective Date:
- This SA is effective for audits of financial statements for periods commencing on or after 1st April 2009.
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